U.K. challenger bank Revolut said Thursday that all standard users will now be able to buy and sell cryptocurrencies supported in its banking app, though this won’t include U.S. residents for now.
Revolut had already planned to expand its crypto offering later this year. But in an email to users, the bank’s head of crypto, Edward Cooper, said growing concerns about the potential economic impacts of central bank quantitative easing and currency devaluation had hastened the move to Friday.
Revolut – which raised $500 million in a Series D earlier in the year – has allowed users to purchase crypto directly from the app since it added support for bitcoin in 2017. Although users can trade digital assets with other Revolut users, they cannot take them out of the app.
Revolut expanded to the U.S. in late March. The bank said at the time that new U.S. customers would only have access to its core features. Additional services, such as its crypto-buying service, would be added at a later date.
A Revolut spokesperson confirmed to CoinDesk that U.S. users were still not able to trade crypto on the app, though they said it is “only because the feature has not launched there yet.”
Disclosure Read More
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.